Soon you'll be able to eat a "Cheeseburger in Paradise" and have a drink at the "5 O'Clock Somewhere" Bar at the new $370 million Margaritaville Resort on the island of Manhattan. Legendary singer/songwriter Jimmy Buffett is bringing his laid back, island-themed paradise to Times Square. Buffett's Margaritaville Enterprises LLC, which runs a slew of restaurants, hotels, and casinos, reportedly was bringing in over $1 billion in annual sales prior to the COVID-19 pandemic.
In a recent interview with Bloomberg discussing the new resort, Buffett disclosed that he has "dabbled a little bit" in Bitcoin. While he did not disclose an exact amount he invested, it seems like it was not a sizeable amount. It was quite interesting to hear Buffett talk about the cryptocurrency. He seemed just a little more than "crypto curious," divulging that he would like to somehow use cryptocurrency to make unscalpable tickets. Buffett has long been critical of ticket scalpers; most recently when tickets with a face values between $400 and $600 were resold between $3,000 to $10,000, fans with the resold tickets were not allowed into the venue.
So would an unscalpable ticket be possible? Using blockchain technology and creating the ticket like an NFT, concert tickets could be minted that could perhaps be made non-transferrable, therefore unscalpable. The concert ticket would be connected to the blockchain. Further details would have to be worked out: such as how to make it simple for those unfamiliar with the technology, how to collect the tickets, and maybe leave the attendee with some sort of keepsake (like you would keep the physical ticket stub).
I'm not too familiar with how it would all work, but it certainly seems possible and Buffett is definitely onto to something there. In all likelihood, Margaritaville Enterprises is probably already on the case.
